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Outokumpu Oyj Announces Update on Remedy Proposal to EU Commission in Relation to Inoxum Acquisition


Monday, 1 Oct 2012 02:30am EDT 

Outokumpu Oyj announced that following the market testing of the Company's initial remedy proposal announced on September 20, 2012, the European Union Commission has informed the Company that the divestment of the Swedish melting and coil operations may not be sufficient to permit the approval of the Inoxum transaction. The Company is therefore submitting an alternative remedy proposal to the European Union Commission under which the Inoxum stainless steel mill in Terni, Italy would be divested. The proposed remedy also includes select European service centers. The European Union Commission is expected to promptly commence market testing to form a view on the suitability of this alternative remedy. No definitive agreements or decisions on the remedy have been reached at this time. The review process of the European Union Commission is expected to continue until November 16, 2012. The Company targets to finalize the transaction by the end of 2012. 

Company Quote

6.795
-0.075 -1.09%
11 Jul 2014